Lucid Group announced the pricing of its underwritten public offering of 262,446,931 shares of common stock. The public offering is expected to close on or about October 18, 2024.
In conjunction with the public offering, Lucid's majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund, agreed to purchase 374,717,927 shares of common stock in a private placement, at the same price per share initially paid by the underwriter in the public offering. This private placement is expected to close on October 31, 2024.
These transactions are projected to generate aggregate gross proceeds of approximately $1.67 billion for Lucid. The company intends to use these proceeds for general corporate purposes, which may include capital expenditures and working capital, bolstering its financial runway.
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